1.
|
Advantages
|
- Unquestionable Limited Liability
- Flexibility of operating under members agreement.
|
2.
|
Disadvantages
|
- Cannot have more than two of the four characteristics of a corporation.
- Not as widely known or accepted as a corporation.
|
3.
|
Company Status
|
| n/a
|
4.
|
Corporate legislation source
| Delaware Corporation Law 1994-5
|
5.
|
Company Name
| Prior name approval required
|
6.
|
Time taken to incorporate
| 24 - 48 hours
|
7.
|
Are shelf companies available?
| Yes
|
8.
|
Usual minimum capital
| None required.
|
9.
|
Capital Duty
| None
|
10.
|
Minimum number of shareholders
| No shares - 1 member required (although two recommended for tax purposes)
|
11.
|
Are bearer shares/shares of no par value possible?
| No shares.
|
12.
|
Directors: minimum number / corporate directors allowed / location
| No directors, only members. No location requirements.
|
13.
|
Secretary: mandatory / corporate secretary allowed / location
| No / No / n/a
|
14.
|
Is there a requirement for a Registered Office / Registered Agent?
| Yes / Yes
|
15.
|
Is any information required by the authorities prior to incorporation or prior to tax status being granted?
| No
|
16.
|
What information is available on the public file?
| Name of Company, date of formation, status, registered agent and office.
|
17.
|
What documents must be kept at the Registered Office?
| None
|
18.
|
Corporate books & seal
| Kept with the members.
|
19.
|
Are accounts required / filed?
| No / No
|
20.
|
Is an annual return required?
| Yes
|
21.
|
Where are meetings to be held?
| No restriction
|
22.
|
Annual fees payable to the government: Tax
| $200
|
23.
|
Are there any exchange controls?
| No
|
24.
|
Double tax treaties
|
No |
